The Newsroom
Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
The Tax Impact of Business Property Remediation
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be tax-deductible as ordinary and necessary business expenses. Unfortunately, every type of environmental cleanup expense cannot be currently deducted — some cleanup costs must be capitalized (spread over multiple years for tax purposes). To lower your current …
Catching Up on Retirement Catch-up Contributions
When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it. However, there are other important aspects to truly doing everything you can to grow your nest egg. One of them is celebrating your 50th birthday. This is because those …
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Beware of “Wash Sales” When Selling Securities
If you’re planning to sell capital assets at a loss to offset gains that have been realized during the year, it’s important to beware of the “wash sale” rule. Under this tax rule, if you sell stock or securities for a loss and buy substantially identical stock shares or securities back within the 30-day period …
